Winchart Technical Analysis
Daily Market analysis
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As indicated by A, the Bollinger Bands Width for the KLCI expanded 16%, with the KLCI staying above the Bollinger Middle Band. Therefore, if the Bollinger Bands Width should remains expanding and the KLCI remaining above the Bollinger Middle Band, it would be a bullish signal. Nevertheless, the next resistance for the KLCI is still seen at 1333 Fibonacci Retracement Line.
As indicated by B, total market volume on Thursday remains below the 40-day VMA level. Therefore, the lower volume failed to confirm the bullish Bollinger Bands signal on Thursday. Nevertheless, if the KLCI should resume its bullish movement, volume higher than the 40-day VMA level is the important element.
As indicated by C, the MACD histogram continue ticking higher. Therefore, it forms a rounding bottom signal, and provided that the MACD histogram should continue rising, it would suggests that the MACD bullish signal is gaining strength, and the market movement for the short term would be bullish biased.
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